UBS will shift the heads of its onshore China investment-banking unit from Beijing to Hong Kong, while its offshore advisory head for the country Jiang Guorong will move in the opposite direction, as the bank tries to more closely integrate its Chinese businesses.

Barclays is expected to pay at least $100m to settle an investigation by New York’s banking regulator into whether it abused the 'last look' practice on its electronic currency-trading program, according to a person briefed on the matter.